Deutsche Bank Starts Callon Petroleum (CPE) at Buy
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Deutsche Bank initiated coverage on Callon Petroleum (NYSE: CPE) with a Buy rating and a price target of $19. Analsyt Russell Koch sees growth.
"Having doubled its acreage in the Midland basin over the past year and a half, CPE is well positioned to generate peer-leading high-margin growth from its ~40k net acre footprint while delineating the long-lateral potential of Howard county where early results have exceeded expectations. Using its core Midland assets as a launching pad for expansion, CPE has been aggressive in acquiring inventory and resource potential, benefitting from first-mover advantages while improving its runway for growth. CPE’s core economics, capital efficiency, and inventory catalysts provide appealing upside to the forward outlook, and we see all the ingredients necessary for a beat-and-raise story to emerge," said Koch.
Shares of Callon Petroleum closed at $16.29 yesterday.
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